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Phillips Weighs in on Trump Tax Situation – Quoted in National Real Estate Investor

The recent reporting regarding President Donald J. Trump’s business and personal income tax situation has created a flurry of commentary – both political and technical. Steve Phillips recently provided his insight to the National Real Estate Investor on these matters.  In his view, one aspect of the Trump tax saga…

The PG LLP Journal – July 25, 2020

Around the Firm. Remote Work. PG LLP continues to (thankfully and gratefully) enjoy the benefits of operating virtually (i.e. “remotely,” “at-home”), having done so throughout the firm’s existence. The aggressive application of state of the art technology in the law firm environment was and is a fundamental underpinning of the…

Whitepaper: Renegotiation and Transfers of Debt in a COVID-19 Era – Tax Consequences

The COVID-19 pandemic raises the specter of borrowers defaulting on their loans and debt issuances. Renegotiation and workout of those obligations must occur, either in or out of bankruptcy.  Any time where a borrower and lender change the terms of a pre-existing debt obligation, the possibility of tax consequences are…

IRS Guidance on Net Operating Loss Carrybacks

The COVID-19 pandemic has triggered a tremendous volume of new legislation and rules in the tax arena. As just one set of these rules, the Internal Revenue Service has issued guidance providing application of the net operating loss carryback rules enacted under the CARES Act. By allowing carryback of net…